Wednesday, May 23, 2007
The Dow lost 14 points on pretty good volume. Advance/declines were negative. Three days in a row we have tried to close at a new all time high for the S&P 500. Each time we have pulled back. I think we are going to roll over here. That's my guess. Greenspan was talking today and that was the reason we sold off supposedly. We were up almost 70 at one point. We'll see about tomorrow. Gold was up around $3 today and the XAU rose over 2 points. Most of the gain in the XAU was from FCX again. The gold shares really didn't move a lot. Good volume in NEM again also. I think the gold shares are just marking time here as the debate continues about gold itself holding up here. I mean I don't really know but we are not really seeing any trend for gold here. My hope is that we are in the process of forming a base, which could take a while. The dollar has stopped dropping for now and I think that is the basis for the recent action/inaction for gold. I haven't gotten a signal for the upside here yet either. Mentally I'm a little tired. I will probably not initiate any trades before the long weekend. I have no solid game plan right here or any viable ideas. At any rate, I think we will be down tomorrow but how long it lasts, if it does occur, is anybodies guess. Probably not for long in this liquidity driven environment...
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